Mattress Firm files for Chapter 11 bankruptcy, looks to close up to 700 stores

Mattress Firm announced on Friday that it had filed voluntary Chapter 11 restructuring cases in the U.S. Bankruptcy Court in Delaware.

"Mattress Firm is the nation's leading specialty mattress retailer, and we will continue to provide unmatched value to our customers by offering the best quality beds at prices that fit any budget today, tomorrow and into the future," Steve Stagner, Executive Chairman, President and CEO of Mattress Firm, said in a press release.

The company expects to close about 200 stores in the next few days but many more closings could be on the way.

"Leading up to the holiday shopping season, we will exit up to 700 stores in certain markets where we have too many locations in close proximity to each other," Stagner said.

The restructuring process is expected to take about 45-60 days, the company said.